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27-31-11
Section 27-31-11 Bond of attorney of domestic insurer - Requirements. (a) Concurrently with
the filing of the declaration provided for in Section 27-31-7, the attorney of a domestic
reciprocal insurer shall file with the commissioner a bond in favor of this state for the
benefit of all persons damaged as a result of breach by the attorney of the conditions of
his bond as set forth in subsection (b) of this section. The bond shall be executed by the
attorney and by an authorized corporate surety and shall be subject to the commissioner's
approval. (b) The bond shall be in the penal sum of $25,000.00, aggregate in form, conditioned
that the attorney will faithfully account for all moneys and other property of the insurer
coming into his hands and that he will not withdraw or appropriate to his own use from the
funds of the insurer any moneys or property to which he is not entitled under the power of
attorney. (c) The bond shall provide that it is not subject to cancellation unless 30...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-11.htm - 1K - Match Info - Similar pages
27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
40-29-22
Section 40-29-22 Lien for taxes - Validity and priority against certain persons. (a) Purchasers,
holders of security interests, mechanic's lienors, and judgment lien creditors. The lien imposed
by Section 40-29-20 shall not be valid as against any purchaser, holder of a security interest,
mechanic's lienor, or judgment lien creditor until notice thereof which meets the requirements
of subsection (f) has been filed by the Commissioner of Revenue or his delegate, and shall
not be perfected as against any purchaser, holder of a security interest, mechanic's lienor,
or judgment lien creditor until the date such notice is filed. (b) Protection for certain
interest even though notice filed. Even though notice of a lien imposed by Section 40-29-20
has been filed, such lien shall not be valid: (1) SECURITIES. With respect to a security (as
defined in subsection (g)(4)): a. As against a purchaser of such security who at the time
of purchase did not have actual notice or knowledge of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-22.htm - 17K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
27-31-12
Section 27-31-12 Bond of attorney of domestic insurer - Deposit in lieu thereof. In lieu of
the bond required under Section 27-31-11, the attorney may maintain on deposit with the State
Treasurer, through the office of the commissioner, a like amount in cash or in value of securities
qualified for deposit under Section 27-6-3, and subject to the same conditions as the bond.
(Acts 1971, No. 407, p. 707, ยง602.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31-12.htm - 719 bytes - Match Info - Similar pages
27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before soliciting
any applications for insurance required under Section 27-27-15, as qualification for the original
certificate of authority, the incorporators of the proposed mutual insurer shall file with
the commissioner a corporate surety bond in the penalty of $15,000.00 in favor of the State
of Alabama and for the use and benefit of the state and of applicant members and creditors
of the corporation. The bond shall be conditioned as follows: (1) Upon payment of any loss
suffered by applicants who have cancelled or lapsed existing insurance policies due to misrepresentation
by the incorporators or by persons soliciting such applications under authorization by the
corporation, to the effect that the making of such application for insurance and prepayment
of premiums in such proposed insurer provides insurance protection prior to issuance of a
certificate of authority to such insurer by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-16.htm - 2K - Match Info - Similar pages
27-27-10
Section 27-27-10 Solicitation permit - Bond or deposit in lieu thereof; waiver of same. (a)
Except as to proposed domestic insurers which are subject to the requirements of Section 27-27-16,
the commissioner shall not issue a solicitation permit until the applicant therefor has filed
with him a corporate surety bond in the penalty of $15,000.00 in favor of the State of Alabama
and for the use and benefit of the state and of proposed Alabama investors in and creditors
of the proposed organization. (b) The bond shall be conditioned upon the payment of costs
incurred by the state in event of any legal proceedings for liquidation or dissolution of
the proposed organization before completion of organization or in event a certificate of authority
is not granted and upon a full accounting for funds received until the proposed insurer has
been granted its certificate of authority or until the proposed corporation, syndicate, organization,
or financing has been completed as defined in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-10.htm - 2K - Match Info - Similar pages
27-27-17
Section 27-27-17 Domestic mutual insurers - Solicitation of qualifying applications for insurance.
(a) Upon receipt of the commissioner's approval of the bond or deposit as provided in Section
27-27-16 the directors and officers of the proposed domestic mutual insurer may commence solicitation
of such requisite applications for insurance policies as they may accept and may receive deposits
of premiums thereon. (b) All such applications shall be in writing signed by the applicant,
covering subjects of insurance resident, located or to be performed in this state. (c) All
such applications shall provide that: (1) Issuance of the policy is contingent upon the insurer
qualifying for and receiving a certificate of authority; (2) No insurance is in effect unless
and until the certificate of authority has been issued; and (3) The prepaid premium or deposit
and membership or policy fee, if any, shall be refunded in full to the applicant if organization
is not completed and the certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-17.htm - 2K - Match Info - Similar pages
27-32-15
Section 27-32-15 Conduct of delinquency proceedings - Domestic and alien insurers. (a) Whenever
under this chapter a receiver is to be appointed in delinquency proceedings for a domestic
or alien insurer, the court shall appoint the commissioner as such receiver. The court shall
order the commissioner forthwith to take possession of the assets of the insurer and to administer
the same under the orders of the court. (b) As a domiciliary receiver, the commissioner shall
be vested by operation of law with the title to all of the property, contracts, and rights
of action and all of the books and records of the insurer, wherever located, as of the date
of entry of the order directing him to rehabilitate or liquidate a domestic insurer or to
liquidate the United States branch of an alien insurer domiciled in this state, and he shall
have the right to recover the same and reduce the same to possession; except, that ancillary
receivers in reciprocal states shall have, as to assets located in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-15.htm - 3K - Match Info - Similar pages
27-2B-2
Section 27-2B-2 Definitions. As used in this chapter, these terms shall have the following
meanings: (1) ADJUSTED RBC REPORT. An RBC report which has been adjusted by the commissioner
in accordance with subsection (e) of Section 27-2B-3. (2) CORRECTIVE ORDER. An order issued
by the commissioner specifying corrective actions which the commissioner has determined are
required. (3) DOMESTIC INSURER. Any insurer domiciled in this state. (4) FOREIGN INSURER.
Any insurer which is licensed to do business in this state but not domiciled in this state.
(5) FRATERNAL BENEFIT SOCIETY. Any insurer licensed under Chapter 34. (6) HEALTH ORGANIZATION.
Any health care service plan, health maintenance organization, limited health service organization,
dental services corporation, or other managed care organization licensed under this title.
This term does not include any life and disability insurer or property and casualty insurer.
(7) INSURER. As defined in Section 27-1-2, including, without...
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